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I have a S corp that had income in 2022. But last year I lost my consulting engagements and did not produce any income in the corp except interest income. took full time

Forum|Forum|2 years ago
March 16, 2024
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I have a S corp that had income in 2022. But last year I lost my consulting engagements and did not produce any income in the corp except interest income. took full time job and got a W2 income last year.

Will S corp be materially engaged ? Not sure how I can answer that question. I am 100% owner of the company

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Best answer by PatriciaV

Yes, you are still materially engaged if you are the sole owner. Report the interest income on the S-Corp return. If you don't plan to continue this business, you may consider dissolving the S-Corp now to avoid having to file business returns in the future.

PatriciaVAnswer

Yes, you are still materially engaged if you are the sole owner. Report the interest income on the S-Corp return. If you don't plan to continue this business, you may consider dissolving the S-Corp now to avoid having to file business returns in the future.

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